After completing a five-wave as wave 1, now it seems that wave 2 correction to be a running or extended flat which confirms that the next impulse will be a strong one! For this week we can expect bears to take control and pull down the price. The most probable turning points are PRZ1 and PRZ2.
Note
The eurusd declined to the area between prz1 and prz2 with a nice five-wave move. now there are three different scenarios. The first and simplest is that we assume an ABC correction is completed. The second scenario is that we assume that wave b is not completed yet. And the third is that we assume that wave c is underway.I personally so long as the price reaches 1.22000 and be stabilized above It think about the second scenario. There are several good reasons for this idea.
1. The price didn't touch and graze into 1.27 ratio
1. a round number
2. the important expansion of 1.27 of wave A for our assumption
3. The dollar index. As you all know there is an inverse correlation between Eurusd as the most liquid currency pair with the dollar index. you may see my wave count of this index here at
So if we go for this scenario we should expect a choppy raise to 1.22000 and then have a decline as wave C.
so we can expect a choppy 60-70 pip rise in price and then a decline to the specified PRZs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.